Turnover Tax–Is your broker cheating you?

Friends:

A major fraud may be in the offing, if we do not take action immediately!

A close friend of mine has discovered that his broker is charging him 0.15% as turnover tax.

The actual turnover tax on delivery based transactions is 0.15% which is to be shared by both the buyer and seller, hence the turnover tax is 0.075% of the delivery based scrip.

What brokers are doing is charging excess turnover tax, and then claiming a refund from the exchange, which they do not refund back to you.

I request you to please check your contract notes, and immediately ask your broker for the refund, because this is another loophole they have discovered to make additional moolah.

Note that the tax is different from TDS, and will NOT be given directly to those being charged. It will be given back by the exchange to the BROKER who has to pass it back to the client.

MAKE SURE

1. YOU ARE NOT BEING EXCESSIVELY CHARGED

2. MAKE SURE THAT EXCESS CHARGE IS REFUNDED BACK TO YOU---ELSE IT GOES IN TO THE BROKER'S COFFERS!!!